Nigeria in conformity with OPEC quota, says Lokpobri

The Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobri has confirmed that Nigeria is in conformity with the oil production quota of the Organization of Petroleum Exporting Countries (OPEC).

OPEC set 1.5 million barrels per day production quota for Nigeria in October 2024.

He said the declaration at the 56th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the organization.

The declaration was contained in his X handle. Said he: “I can confidently confirm that our country is in conformity with the agreed production limits.”

He added that even as the country is determined to increase its crude oil production, it will do so within the framework of the organization’s guidelines.“While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines,” Lokpobri said.The minister said Nigeria reviewed the conformity and compensation efforts of countries participating in the Declaration of Cooperation (DoC).

Lokpobri said the country is still committed to balancing responsible production with its economic goals, and continue to meet its obligations under the DoC.

Meanwhile, OPEC has set Nigeria’s crude oil production quota for October 2024 at 1.5 million barrels per day (bpd).

This quota, established during OPEC’s meetings, is part of a broader production plan where total OPEC+ production is capped at 39.7 million bpd. Saudi Arabia leads with the largest share at 10.4 million bpd, followed by Russia at 9.9 million bpd

The Nation reported that in September 2024 that Nigeria’s Crude Oil and condensate production increased by 36,983barrels per day (bpd) from 1.53million per day (mod) in July 2024 to hit 1.57million barrels per day (mb/d) in August 2024.

The Nigerian Upstream Petroleum Regulatory Authority (NUPRC) disclosed this in its “Crude Oil and Condensate Production – August 2024,” report.